Ministry of Finance
Rs. 400 Cr allocated for creating world class educational institutions
New education policy for reforms in school and higher education
National research foundation  announced to step up research in thrust areas
National sports education board for development of sportspersons to be set up under Khelo India
An amount of Rs. 400 crore has been provided for FY 2019-20 to create “World Class Institutions” in the field of education which is more than three times the revised estimates for the previous year. This was stated by the Union Minister of Finance and Corporate Affairs, Smt Nirmala Sitharaman while presenting the Union Budget 2019-20 in the Parliament today. The Finance Minister assured that the Government will also bring in a New National Education Policy to transform India’s higher education system to one of the global best education systems. The new Policy proposes major changes in both school and higher education among others, better Governance systems and brings greater focus on research and innovation.
To achieve the objectives of research and innovation, the Finance Minister also announced setting up of a National Research Foundation  to fund, coordinate and promote research in the country. NRF will ensure that the overall research eco-system in the country is strengthened with focus on identified thrust areas relevant to our national priorities and towards basic science without duplication of effort and expenditure, the Minister explained. The funds available with all Ministries will be integrated in NRF and would be adequately supplemented with additional funds.
Smt Nirmala Sitharaman also announced the programme ‘Study in India’, that will focus on bringing foreign students to study in our higher educational institutions. The Finance Minister disclosed that a draft legislation for setting up Higher Education Commission of India  would be presented in the year ahead. This will help to comprehensively reform the regulatory system of higher education to promote greater autonomy and focus on better academic outcomes.
Smt Nirmala Sitharaman said that the Khelo India Scheme will be expanded to provide all necessary financial support and a National Sports Education Board for Development of Sportspersons would be set up under Khelo India Scheme to popularize sports at all levels.
Highlighting the recent achievements, Smt Nirmala Sitharaman said that while there was not a single Indian institution in the top 200 in the world university rankings five years back, there are three institutions now – two IITs and IISc Bangalore – in the top 200 bracket. This has been achieved due to concerted efforts by the institutions to boost their standards and also project their credentials better.
Giving further details, the Finance Minister said that Massive online open courses through the SWAYAM initiative have helped bridge the digital divide for disadvantaged section of the student community. To up-grade the quality of teaching, the Global Initiative of Academic Networks  programme in higher education was started, aimed at tapping the global pool of scientists and researchers, she explained. The IMPRINT or IMPacting Research INnovation and Technology scheme began as a Pan-IIT and IISc joint initiative to develop a roadmap for research to solve major engineering and technology challenges in selected domains needed by the country. It is because of this that Higher Educational Institutions are now becoming the centres of innovation, the Minister said.